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Petrobras CEO and five executives resign

A presidenta da Petrobras, Graça Foster, e os diretores da empresa apresentam demonstrações contábeis do 3 trimestre de 2014 (Fernando Frazão/Agência Brasil)

The Chief Executive Officer of Petrobras, Maria das Graças Foster, and five senior executives resigned today (Feb. 4)Fernando Frazão/Agência Brasil

The Chief Executive Officer of Petrobras, Maria

das Graças Foster, and five senior executives resigned today (Feb. 4). The Board of Directors will meet next Friday to choose replacements for them. The story was confirmed by the São Paulo Stock Exchange (BOVESPA) in a statement to the stock market.

BOVESPA asked Petrobras for clarification on media reports that the Presidency at Palácio do Planalto had told Foster she was to be replaced. This information is believed to have caused the 15% hike in Petrobras’s shares as of the end of Tuesday (3).

“We are writing to ask for clarification ASAP considering how the shares behaved today at the news of the Petrobras top management resignation” BOVESPA said in its note.

In a statement, Petrobras told BOVESPA: “Regarding your inquiry, Petrobras informs that its Board of Directors, in a meeting scheduled for next Friday, February 6th, will elect new Executive Board members in face of the renounce of the CEO and five executive directors.”

Translated by Mayra Borges

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